- 15 Marks
TAX – May 2022 – L2 – SA – Q5 – Withholding Tax (WHT)
Discuss the contents of withholding tax returns, the time frame for compliance, and the merits and demerits of the withholding tax scheme.
Question
Withholding tax is a tax deducted at source from proceeds made to a taxable person for the supply of goods and services. It is not another form of tax, but simply an advance payment of tax, as the withholding tax deducted at source is off-set against any subsequent tax liability that may be due in respect of the income.
Required:
a. State the contents of withholding tax returns/payment schedule. (5 Marks)
b. State the time frame for compliance with withholding tax returns. (5 Marks)
c. Explain the merits and demerits of the withholding tax scheme. (5 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Compliance, Merits and Demerits, Tax Returns, Withholding Tax
- Level: Level 2
- Topic: Withholding Tax (WHT)
- Series: MAY 2022
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